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Overdraft Protection

Three layers of defense to protect your accounts.

Sign up for Overdraft Privilege Extended Coverage Link an Existing Elements Account

Or call 1-800-621-2105

Overdraft Protection

Peace of mind and flexibility should an overdraft occur.

THREE WAYS TO PROTECT YOUR ACCOUNTS

  1. Transfer Money from Another AccountLink two deposit accounts so money automatically transfers from one account to the other to match the exact amount of your overdraft. 
  2. Transfer Money from a Line of Credit Open an EZ Line of Credit so money automatically transfers from the line of credit to match the exact amount of your overdraft.
  3. Overdraft Privilege Extended CoverageFor overdrafts on checks, automated bill payments, ATM and everyday debit card transactions that exceed your available balance.

What is an overdraft?

An overdraft occurs when you do not have sufficient available funds (Available Balance) in your account to cover a transaction, but we pay it, anyway, for a fee. 

Under our standard overdraft practices, we will charge you a fee of up to $32 each time we pay an overdraft. There is no limit on the total fees we can charge you for overdrawing your account.

We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction. If we do not authorize and pay an overdraft, your transaction will be declined.

Important information regarding overdrafts is located in the Account Agreement.

What standard overdraft coverage comes with my account?

Elements authorizes and pays overdrafts from checks and automatic bill payments. We will charge you a fee of up to $32 each time we pay an overdraft. To avoid overdraft fees, you can set up an auto-transfer of money from one of your Elements accounts to the other to match the exact amount of your overdraft. 

How to Set Up Auto-Transfer for Overdrafts

 

Elements does not authorize and pay overdrafts for ATM transactions and everyday debit card transactions unless you ask us to by signing up for Overdraft Privilege Extended Coverage

Learn More about Extended Coverage

 

If you have an Elements Student Edge Checking account, you will never be assessed an overdraft fee—a helpful feature for students learning how to manage their money.

How do I set up auto-transfer of money from another account? (no charge for these transfers!)

This easy solution allows you to borrow from yourself as needed. You simply link your Elements checking or savings account to another Elements deposit account, and money automatically transfers to match the exact amount of your overdraft. There is no charge for these transfers.

You can link accounts by signing into Online Banking or the Elements Mobile App. Or contact Elements at 1-800-621-2105 for assistance.

Sign In to Online Banking to Link Accounts

 

Auto-transfer covers overdrafts from checks and automated bill payments; it does not cover overdrafts due to ATM or debit card transactions. For coverage of ATM and everyday debit card transactions, considering signing up for Extended Coverage with Overdraft Privilege.

Learn More about Extended Coverage

When does it make sense to set up transfer of money from a Line of Credit?

You can establish an Elements EZ Line of Credit to have money set aside for unexpected expenses, such as an overdraft. Once the money is transferred away from the EZ Line of Credit, you have a monthly payment of 3% of the outstanding balance. Money automatically transfers from your EZ Line of Credit to match the exact amount of your checking account overdraft. Your credit line can be between $500 and $2,500, and your overdraft coverage would be up to the limit you have established. You don’t pay interest on a line of credit until or if you take money from it, so this can act as a good safety net for those unexpected expenses.

The cost per transfer is $5 plus 3% interest on your Line of Credit balance.

To get started, open an EZ Line of Credit and then contact Elements at 1-800-621-2105 to connect the line of credit with your checking account to establish overdraft protection.

Learn More about EZ Line of Credit

What are the additional benefits of signing up for Overdraft Privilege Extended Coverage?

Overdraft Privilege Extended Coverage covers overdrafts from checks and automated bill payments, plus ATM and everyday debit card transactions. This comprehensive coverage allows you to proceed with ATM and debit card transactions that overdraw your account up to the disclosed limit in order to pay a transaction. Without the Extended Coverage, your ATM and debit card transactions would be declined if you don’t have sufficient funds in your account.

A $32 fee applies each time you use this service.

You must let us know if you wish to have Extended Coverage. Sign up online, visit a branch, or call us at 1-800-621-2105.

Sign Up for Extended Coverage

I love that Elements helps me avoid being charged extra overdraft fees on my accounts!

- Carson D. | Member since 2004
Girls shopping

EZ Line of Credit — The easy way to access cash

An Elements EZ Line of Credit can be used as overdraft protection on your Elements checking account for only $5 each time used.

Learn More